A university is comparing the hourly wages of students of their university who completed a Master's Degree to students who only completed a Bachelor's Degree. Of the students surveyed, 69 had a Master's degree and 79 had a Bachelor's Degree only. The average hourly rate for those with a Master's was $48.074 (SD = $4.862). Among the graduates with a Bachelor's degree, the average hourly rate was $25.976 (SD = $8.253). You use this information to calculate a 95% confidence interval for the difference in mean hourly wage of (19.857, 24.339). Of the following statements, what is the best interpretation of this interval?

Question 10 options:

1)

We are certain that the difference between the average hourly wage of all graduates with a Master's degree and all graduates with a Bachelor's degree is between 19.857 and 24.339.

2)

We are 95% confident that the difference between the average hourly wage of all their graduates with a Master's degree and all their graduates with a Bachelor's degree surveyed is between 19.857 and 24.339.

3)

We are 95% confident that the difference between the average hourly wage of all their graduates with a Master's degree and all their graduates with a Bachelor's degree is between 19.857 and 24.339.

4)

We do not know the population means so we do not have enough information to make an interpretation.

5)

We are 95% sure that the difference in average hourly wage of all nationwide graduates with a Master's degree and all nationwide graduates with a Bachelor's degree is between 19.857 and 24.339.